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laf

Transferring UK Private Pension

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Has anyone had experience of using BDH Sterling to transfer a UK pension.  Are they a good choice?


309/100 applied 17.03.18 offshore (London), medical clearance 24.03.18, ACRO 01.05.18, sponsor's UK & Aus police checks requested 18.10.18, uploaded 04.11.18. 309/100 granted 30.11.18. Validated 15.03.19.

British citizen, husband Australian, 3 dual nationality adult children

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Hi Iaf

They are certainly one of the more reputable firms to deal with in my opinion.

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Financial Adviser (FPA Member AFP ®) / Tax (Financial) Adviser (TPB)

SMSF Specialist Advisor™ (SSA™) / UK SIPP Authorised Adviser 

Specialising in UK Expat Retirement Planning Advice and Pension Transfers 

Director - Vista Financial Services – www.vistafs.com.au / 08 8381 7177

AR-322874 /AFSL-234951

 

Please note that my advice on this forum is general advice only and professional financial advice should be sought for your own personal situation.

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If Andrew thinks they're OK then I'd say they're OK.

I would just say, a lot of people think, "I'm moving to Australia, of course I'll transfer my pension".  It's not as simple as that, and in fact many people don't do it, because of the costs and risks.  They just leave their UK pension where it is - then when they retire, they receive a pension from their UK fund and a separate pension from their Australian fund. 

The problem is that you can't just transfer your pension into one of the big, reputable Australian super funds.  Last time I looked there was only one super fund you could transfer to, and its track record is unknown.  So you need to decide if you trust them with your money (super funds aren't covered by the bank guarantee system).

Because of the lack of choice, most people set up their own personal super fund (called a 'self managed super fund' or SMSF) instead.  Andrew (above) specialises in those. They're great if you have a large pension pot, AND you are absolutely certain you're settled in Australia till the day you die.   But they have their downsides, too.

The large pension pot is necessary because running a SMSF is expensive, and if you only have a small balance, the expenses can wipe out your profits.  Opinions vary how much you need to make it worthwhile.  The most common figure seems to be $200,000 but I've seen some people put it much higher.  Also bear in mind that you have to run the fund yourself, which is time-consuming, and you have to consider whether you have the investment expertise to do so - either that, or pay a professional to run it, pushing your expenses up even more.

As for being sure you are settled - I have personal experience of this.   My partner and I had a joint SMSF.   We separated, and he decided to move to the US.  That's when we discovered that you can't have a SMSF if you're no longer legally resident in Australia.  So then we had to go through the process of dismantling the fund, which was painful and costly.

 

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Scot by birth, emigrated 1985 | Aussie husband granted UK spouse visa March 2015, moved to UK May 2015 | Returned to Oz June 2016

My new novel, A Dance With Danger, is due out August 2022

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I certainly wouldn't do it when the exchange rate is 1.74!

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PR (100) moved to Perth September 2021

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10 hours ago, Jon the Hat said:

I certainly wouldn't do it when the exchange rate is 1.74!

You can hold GBP denominated assets in a Self Managed Super Fund ...

Best regards.

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Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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51 minutes ago, Alan Collett said:

You can hold GBP denominated assets in a Self Managed Super Fund ...

Best regards.

Also with the retail QROPS 🙂

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Financial Adviser (FPA Member AFP ®) / Tax (Financial) Adviser (TPB)

SMSF Specialist Advisor™ (SSA™) / UK SIPP Authorised Adviser 

Specialising in UK Expat Retirement Planning Advice and Pension Transfers 

Director - Vista Financial Services – www.vistafs.com.au / 08 8381 7177

AR-322874 /AFSL-234951

 

Please note that my advice on this forum is general advice only and professional financial advice should be sought for your own personal situation.

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Posted (edited)
11 hours ago, Jon the Hat said:

I certainly wouldn't do it when the exchange rate is 1.74!

It also takes several months from the start of the process to the monies being paid usually, maybe even longer now with all the new FCA regulation that has come into effect with UK Pension Transfers, the exchange rate could change vastly between that time but as said having the ability to collect and hold/invest in sterling counters this.

 

Andy

Edited by Andrew from Vista Financial

Financial Adviser (FPA Member AFP ®) / Tax (Financial) Adviser (TPB)

SMSF Specialist Advisor™ (SSA™) / UK SIPP Authorised Adviser 

Specialising in UK Expat Retirement Planning Advice and Pension Transfers 

Director - Vista Financial Services – www.vistafs.com.au / 08 8381 7177

AR-322874 /AFSL-234951

 

Please note that my advice on this forum is general advice only and professional financial advice should be sought for your own personal situation.

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